Executive Summary
On April 15, 2026, the Federal Council opened a public consultation on tightening the Lex Koller (deadline: July 15, 2026). Third-country nationals will henceforth require a permit to purchase primary residences and must sell properties within two years if they move away. The purchase of vacation homes by foreigners will be restricted, as will the acquisition of commercial real estate for pure capital investment. Additionally, foreigners will be excluded from listed shares in residential real estate companies.
Persons
- EJPD (Federal Department of Justice and Police) (lead department)
Topics
- Swiss housing market
- Foreign real estate acquisition
- Lex Koller (BewG)
- Housing shortage
Clarus Lead
The tightening of the Lex Koller addresses the strained housing market situation and responds to the rejected Sustainability Initiative of January 2025. It signals that the Federal Council wants to protect housing more strongly as a national resource – with direct consequences for international investors and EU/EFTA citizens who previously enjoyed privileges. The measures target three levers: permit requirements for third-country nationals, reduction of speculative objects, and closing of capital investment loopholes.
Detailed Summary
The planned revision clearly distinguishes between third-country nationals (outside EU/EFTA) and other buyers. A permit requirement will be introduced for primary residences; anyone leaving Switzerland must sell the property within two years. This closes a gap in long-term foreign investments.
For commercial real estate, personal use (e.g., for business premises) remains unlimited. However, pure capital investments – rental or leasing by foreigners – are to be prohibited. Vacation homes will henceforth be subject to stricter quota rules: every sale between two foreigners counts against the cantonal quota anew (previously not the case). Cantons will also receive reduced annual quotas.
Another prohibition concerns listed shares in residential real estate companies and fund shares – a response to indirect real estate ownership by foreigners. The measures are interpreted as a return to the purpose of Lex Koller (protection of housing) and are part of accompanying measures to the initiative rejection.
Key Statements
- Third-country nationals will henceforth require permits for primary residence purchases and must sell when leaving
- Vacation home quotas will be reduced; every foreign-to-foreign sale counts toward the quota
- Commercial real estate for pure capital investment (rental) will be prohibited for foreigners
- Listed residential real estate shares are to be prohibited for foreigners
- Public consultation runs until July 15, 2026; measures are part of the response to the rejected Sustainability Initiative
Critical Questions
Evidence: What data demonstrates that foreign real estate acquisition exacerbates the housing shortage? What is the share of foreign buyers in the total market?
Causality: Are rising housing prices primarily attributable to foreign investments, or do immigration, new construction rates, and speculation by domestic buyers play a larger role?
Feasibility: How will sales of vacation homes between foreigners be monitored and sanctioned? What administrative costs will result from the new permit requirements?
Conflicts of Interest: Do cantons with high permit quotas benefit from the reduction, or will they face revenue losses due to fewer transactions?
Alternatives: Would new construction promotion or rent price regulation address the housing shortage more effectively than purchase restrictions?
Side Effects: How will the rule (sale within 2 years) affect real estate prices and the rental market? Is there a risk of a flood of sales?
Scope: Why do EU/EFTA citizens remain privileged? Are discrimination risks legally clarified?
Source Directory
Primary Source: Federal Council – Press Release: Federal Council wants to further restrict real estate acquisition for persons abroad (15.04.2026) – https://www.news.admin.ch/de/newnsb/4mzivVX5Ko4dpap06YtuI
Verification Status: ✓ 15.04.2026
This text was created with the support of an AI model. Editorial responsibility: clarus.news | Fact-checking: 15.04.2026